The global protective coatings market is expected to witness significant growth over the forecast period owing to the increasing demand for anti-corrosion, thermal resistant, and durable coating formulations in the aerospace and oil & gas industries.
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The rising demand from key end-use segments such as oil & gas, aerospace, construction, and industrial owing to its superior properties over its counterparts is expected to propel the industry demand over the forecast period.
The growing application scope of protective coatings in the aforementioned segments can be attributed to the growing need for low-VOC coating solutions, which offer resistance to wear & tear, high temperatures, and corrosion, while ensuring low maintenance costs.
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Construction dominated the industry, globally, in 2015.
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Further key findings from the report suggest:
Globally, epoxy and alkyd product segments are slated to witness significant growth in terms of volume during the forecast period, growing at a CAGR of over 10% during the forecast period. This is mainly attributed to low VOC content, efficiency, and favorable government policies, along with the rising demand from key end-use verticals such as construction and aerospace.
Asia Pacific dominated the market for protective coatings in 2015, with revenue of over USD 18 billion; and is estimated to grow significantly over the coming years owing to the rising demand from high-growth end-use segments such as construction, aerospace, and automotive.
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Furthermore, the Asia Pacific region is expected to grow the highest in terms of revenue during the forecast period, slated to grow at a CAGR of over 9%. The region is dominated primarily by China, which is likely to witness growth at a CAGR of nearly 10% during the forecast period.
However, rapid infrastructure expansion in India and Indonesia is likely to drive growth over the forecast period.
Key participants in the industry include AkzoNobel NV, PPG Industries, The Sherwin-Williams Co., and Arkema SA, among others. In recent years, key players have turned towards capacity expansion and new product developments to strengthen their positions in the industry globally.
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